Genuine Parts Company sales fall 14.2 percent
Genuine Parts Company reported sales of $3.8 billion in the second quarter, a 14.2 percent decline from $4.5 billion in the same period of the prior year.
A net loss of $363.5 million, or a diluted loss per share of $2.52, compared to net income of $209.5 million, or $1.43 per diluted share, in the prior year period.
Sales for the Industrial Parts Group, which includes Motion Industries, were $1.3 billion, down 21.1 percent, and represent about 35 percent of total company revenues.
"While Industrial segment sales remained pressured throughout the quarter, the Automotive Group had a stronger recovery in May and June led by sales volumes in Europe and Australasia that returned to pre-COVID-19 levels," according to a company statement.
"At Motion Industries, the slowdown in sales beginning in mid-March continued throughout the quarter, with mid-teen declines in each month," said Paul Donahue, chairman and CEO. "While we operated in a difficult environment, we had anticipated a lagged recovery in industries such as equipment and machinery, iron and steel, pulp and paper and automotive. That played out accordingly with declines in almost every product category and in every industry sector."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
